Jan 25, 2020
Jan 25, 2020
2019 Record Breaking Year for New Mexico Oil & Gas Industry
2019 Record Breaking Year for New Mexico Oil & Gas Industry
According to a recent report from the New Mexico Tax Research Institute, the state of New Mexico’s total revenue from oil and gas reached a record $3.1 billion in 2019. That is up $910 million from 2018’s $2.2 billion, a 41% increase. This also marks the first time in New Mexico history that state revenue from the industry has reached $3 billion. Currently, oil & natural gas makes up 39% of the state’s revenues which is used to fund public schools, infrastructure, and healthcare. New Mexico Oil & Gas Association Executive Director, Ryan Flynn stated, “New Mexico now begins the 2020s with strengthened public schools, expanded economic opportunities, and potentially the opportunity for every New Mexico student to get a college degree tuition-free. As a state and an industry, our future is bright. This new decade promises to offer even more opportunity for New Mexico than the past and generations of New Mexicans will develop, grow, and thrive with a strong energy sector paving the way.” In 2019, the oil and gas industry contributed a total of $1.6 billion to public education—a 28% increase from 2018. Thanks to these revenues, residents of New Mexico could soon be receiving free college tuition through a new scholarship. Revenue growth is expected to continue into the new fiscal year and state economists project $797 million in new revenue for the FY 2021 budget. At Chase Energy Services, we are proud to do our part in helping fund state programs that improve the quality of life for all of New Mexico’s great residents.
According to a recent report from the New Mexico Tax Research Institute, the state of New Mexico’s total revenue from oil and gas reached a record $3.1 billion in 2019. That is up $910 million from 2018’s $2.2 billion, a 41% increase. This also marks the first time in New Mexico history that state revenue from the industry has reached $3 billion. Currently, oil & natural gas makes up 39% of the state’s revenues which is used to fund public schools, infrastructure, and healthcare. New Mexico Oil & Gas Association Executive Director, Ryan Flynn stated, “New Mexico now begins the 2020s with strengthened public schools, expanded economic opportunities, and potentially the opportunity for every New Mexico student to get a college degree tuition-free. As a state and an industry, our future is bright. This new decade promises to offer even more opportunity for New Mexico than the past and generations of New Mexicans will develop, grow, and thrive with a strong energy sector paving the way.” In 2019, the oil and gas industry contributed a total of $1.6 billion to public education—a 28% increase from 2018. Thanks to these revenues, residents of New Mexico could soon be receiving free college tuition through a new scholarship. Revenue growth is expected to continue into the new fiscal year and state economists project $797 million in new revenue for the FY 2021 budget. At Chase Energy Services, we are proud to do our part in helping fund state programs that improve the quality of life for all of New Mexico’s great residents.